Economics in 2012: no gain, just pain as austerity brings misery to all
Jan 1st, 2012 | By | Category: NewsWith the eurozone on the brink of a new recession, this will be the year when millions of people bear the brunt The fluctuations of the financial markets and the relentless round of make-or-break euro-summits gripped the attention in 2011, but this will be the year when the shockwaves are felt by millions of people in Europe and beyond. Throughout 2011, the language of bond yields, AAA ratings and credit default swaps leapt from City trading floors into everyday chit-chat as the eurozone crisis spiralled out of control. Instead of answering first to their electorates, Europe’s politicians became fixated on sating the demands of anxious investors in the bond markets for ever more drastic spending cuts
